Mark Carney: Mortgage Rate Increases “Less Imminent”
Mark Carney has been blamed in the past for using confusing language regarding mortgage interest rates. One month he says they’re going up, the next he’s talking about how they need to remain where they are for the time being. But, in an effort to always clear up any confusion Canadians have over the rate…
Read moreWill Rates Stay Low Until 2014?
Mark Carney made it abundantly clear at a meeting of business professionals in Halifax last week that interest rates would not be lowered even further; and that those who thought they would be should make sure their finances are in order for when those rates actually rise. And while, in the world of interest rates,…
Read moreWhy have Variable Rates Gone Up? Blame it on Bad Predictions
We’ve all seen it climb steadily for the past couple of weeks as first one bank, then another, then yet another started raising their variable interest rates on mortgages. Interestingly, the fixed rate has been getting a huge discount at the same time. But the fixed rate going down is just one reason why the variable has gone up. Another reason, a bigger reason, is due to the banks’ bad predictions about the prime rate in the first place.
Read moreThe Debt Ceiling Deal and Your Mortgage Rates
With the passing of a debt ceiling deal earlier this week, the US (and by association, Canada) has avoided the worst case scenario. Without any deal, as you’ve probably heard a million times over the last few weeks, the US credit rating would’ve been downgraded and mortgage rates across the continent would’ve been affected. Of…
Read moreWho Sets Mortgage Rates & How To Get the Best One
How are you supposed to get the best mortgage rate for you, or even have a ballpark figure in mind; and why are different lenders allowed to have such varying rates? Who sets the mortgage rates in Canada anyway?
Read moreBoC Holds Prime Rate; What’s in Store for the Future?
To no one’s surprise, the Bank of Canada opted against an interest rate hike yesterday as it released its July statement. While alot has been made about the strong suggestions in the statement that a rate hike was imminent, there are some interesting points that suggest a more patient approach might be taken. First of…
Read moreBank of Canada Interest Rate Decision Coming Tomorrow
Tomorrow, the Bank of Canada will make its rate hike decision, though the consensus appears that no change is imminent. A survey of 37 economists predicts that there will not be a rate hike tomorrow and that while it is a slight possibility that there will be a hike in September, it is much likelier…
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